Approach to Managing Climate Risk

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1 Approach to Managing Climate Risk I. Introduction As an insurer, employer, investor, property owner, and responsible corporate citizen, Allstate is committed to dedicating resources to help mitigate and manage the risks associated with climate change. This document outlines this commitment and includes Allstate s progress towards mitigating its climate change-related impact, and its goals to further reduce that impact. The following climate change policy statement was developed by Allstate s cross-functional Sustainability Leadership Committee, composed of various internal stakeholders including leaders from the following departments: Sourcing and Procurement, Corporate Relations, Law and Regulation, Corporate Administration and Real Estate, Product Operations, Enterprise Risk and Return, Protection Finance, Investments, and Claims. II. Background Climate change refers to shifts in global average temperature, precipitation, and wind patterns. According to the Intergovernmental Panel on Climate Change 1, climate change refers to a change in the state of the climate that can be identified (e.g. by using statistical tests) by changes in the mean and/or variability of its properties, and that persists for an extended period, typically decades or longer. Rather than debate the causes or underlying reasons for climate change, Allstate focuses on the fact that the severity and frequency of weather events and natural catastrophes across the globe have increased. These events include, but are not limited to, droughts, flooding, hurricanes, forest fires, wild fires, and rising sea levels. Greater weather volatility, more extreme weather, and more frequent natural catastrophes associated with climate change significantly affect Allstate s operations, its customers, and its financial performance. 1 Intergovernmental Panel on Climate Change, Climate Change 2013: Physical Science Basis (Cambridge: Cambridge University Press),

2 III. Products & Services Allstate has limited ability to affect climate change through its products and services. However, the company does offer products geared toward the environmental concerns of its customers: In 2012, we launched the Homeowners Policy Green Improvement Reimbursement Endorsement, a product that allows a customer who purchased this endorsement to replace covered damaged or destroyed appliances or equipment with more energyefficient items and be reimbursed the additional cost incurred to replace them. The additional reimbursement applies to certain categories of Energy Star products rated as energy-efficient by the Environmental Protection Agency appliances and equipment such as washers and refrigerators; computers and electronics; heating and cooling equipment, such as air conditioners and fans; and certain plumbing and building products. These products generally save electricity or water, reducing a home s environmental impact while lowering homeowners utility bills. Because of their energyefficient rating, Energy Star products may help consumers reduce their greenhouse gas emissions associated with the use of home appliances. The Homeowners Policy Green Improvement Reimbursement Endorsement will be offered in most states by In 2011, Allstate introduced Drivewise, a usage-based insurance product that rewards safe driving performance while helping customers better understand their driving behaviors. Additionally, Allstate offers products and services which encourage customers to prepare themselves for the impacts of climate change, including sea-level rise and more frequent and severe weather events: Allstate encourages customers to take action to reduce losses caused by events that could be influenced by climate change. In the homeowners line, Allstate offers underwriting incentives designed to encourage improved resistance to hurricane damage. In many areas, Allstate offers lower rates for homes constructed under more modern and stringent building codes and for homes retrofitted with improvements designed to better withstand hurricane force winds. In areas facing significant natural catastrophe risk, such as from hurricanes, wildfire, and earthquakes, many homeowners have difficulty finding available and affordable insurance. Allstate s wholly-owned subsidiary, North Light Specialty Insurance Company, offers personal lines property coverage in many of these areas, thereby helping customers that may not otherwise be able to obtain private market insurance to adequately prepare themselves for natural catastrophes. North Light combines quality insurance from a well-known and established insurance group with the efficiency and high-quality service of Allstate s claims service centers. Flood risk is an important dimension of the nation s exposure to natural catastrophes. Allstate voluntarily participates in the National Flood Insurance Program s Write Your Own program, which allows Allstate and other participating carriers to write 2

3 and service federal flood insurance policies. We currently service more than 500,000 policies, thereby helping customers protect their property from flood risk. IV. Mitigation and Disclosure Efforts for Allstate s Operations Allstate is conscious of the environmental footprint of its own operations and continuously strives to decrease its impact. Efforts include reducing company-wide paper use and helping customers do the same, as well as promoting recycling and conservation efforts at all Allstate facilities. To mitigate any possible contribution its activities may cause to climate change, in 2010 Allstate pledged that by 2020 it would reduce its energy use by 20% compared to its 2007 baseline within the Owned Building portfolio. As of 2013, the Company has reduced its energy use by more than 19% compared to its 2007 baseline. These reductions were achieved by consolidating office spaces; recapturing heat energy as a byproduct of Allstate s data center operations; and optimizing the use of energy efficient equipment and systems, including HVAC equipment and controls, reduced lighting power density designs, and daylight harvesting in Allstate s offices. Allstate will continue energy-use reduction initiatives to achieve its 2020 goal. Coincident with those energy use reductions, Allstate reduced its greenhouse gas emissions by more than 26% between 2007 and Many of our environmental sustainability efforts focus on Allstate s buildings and grounds, including our Home Office in Northbrook, Illinois, which encompasses approximately 2.3 million square feet of building space. Allstate is a national member of the U.S. Green Building Council (USGBC) and participates in its Leadership in Energy and Environmental Design (LEED) program. We have three LEED Accredited Professionals on staff. To enhance the sustainability and energy efficiency of our real estate, we focused in 2011 on ensuring that many major office renovations and most new construction projects are LEED certified by the U.S. Green Building Council. Each year, we disclose our companywide carbon footprint to stakeholders, including Allstate s GHG emissions and our strategy to manage them, via the CDP (formerly Carbon Disclosure Project) voluntary questionnaire. We also disclose our climate risk strategy and mitigation actions, which includes our carbon emissions reduction efforts, through vehicles like the National Association of Insurance Commissioners Climate Risk Survey. V. Governance and Managing Climate Change Risk Allstate manages enterprise risk under an integrated Enterprise Risk and Return Management (ERRM) framework with risk-return principles, governance, and analytics. This framework provides an enterprise view of risks and opportunities and is used by senior leaders and 3

4 business managers to drive strategic and business decisions. Allstate s risk management strategies adapt to changes in business and market environments and seek to optimize returns. Our qualitative risk-return principles define how we operate and guide decision-making around risk and return. These principles are built around three key operating components: maintaining our strong foundation of stakeholder trust and financial strength, building strategic value, and optimizing return per unit of risk. ERRM governance includes an executive management committee structure, Board oversight and chief risk officers. The Enterprise Risk & Return Council (ERRC) is Allstate s senior risk management committee. It directs ERRM by establishing risk-return targets, determining economic capital levels and directing integrated strategies and actions from an enterprise perspective. It consists of Allstate s chief executive officer, business unit presidents, enterprise and business unit chief risk officers and chief financial officers, general counsel, and treasurer. Allstate s Board of Directors, Risk and Return Committee, and Audit Committee provide ERRM oversight by reviewing enterprise principles, guidelines and limits for Allstate s significant risks, and by monitoring strategies and actions management has taken to control these risks. Material risks, including those affected by climate, are regularly identified, measured, managed, monitored, and reported to senior management and the Board. These risks include catastrophes and severe weather events, auto and property insurance underwriting, business continuity and disaster recovery, and investment concentration. Regulatory changes, customer behavior trends, and Allstate's public reputation are also considered. Weather and natural catastrophe loss volatility and other climate impacts are factored into our ERRC-approved risk limits and growth strategies, which are reviewed with the Board. Weather volatility is also reflected in our pricing. Pricing of property products is typically intended to establish returns that we deem acceptable over a long-term period. We pursue rate increases where indicated, taking into consideration potential customer disruption, the impact on our ability to market our auto lines, regulatory limitations, and our competitive position and profitability, using a methodology that appropriately addresses the changing costs of losses from catastrophes such as severe weather and the net cost of reinsurance. Allstate s Sustainability Leadership Committee, composed of officers and senior staff from across the company, meets twice annually to guide environmental efforts from an enterprisewide perspective, build alignment, create momentum for Allstate s heightened sustainability efforts, and identify opportunities associated with environmental responsibility and climate change. The cross-functional Sustainability Leadership Committee ensures that risks and opportunities confronting company assets are considered when evaluating climate change-related risks at the 4

5 enterprise level. The Sustainability Leadership Committee completes an annual review of Allstate s operations, stakeholder expectations, and competitive actions in this space to identify internal opportunities related to climate change. The Committee considers potential opportunities related to employee engagement, current and future regulation, improved operational efficiencies, and customer and consumer expectations. Allstate s Senior Vice President of Corporate Responsibility, who leads the Sustainability Leadership Committee, reports to the senior management team on the efforts and assessments of the committee. VI. Sustainable Investments Climate change has the capacity to affect Allstate s investment portfolio. For example, the valuation of commercial real estate properties or municipalities in which we invest, via municipal bonds, could be affected by climate change. Allstate uses some of its investments to support environmentally-friendly and sociallyresponsible investment opportunities with attractive risk/reward trade-offs. The company's investment portfolio now includes debt investments in wind, hydro, solar and geothermal projects. As of 2013, the company has invested approximately $310 million in renewable energy projects. VII. Public Advocacy for Climate Change Resilience Climate change will likely exacerbate the frequency and severity of natural catastrophes 2. We recognize the important role we play in helping customers and communities prepare for and protect themselves from the risks associated with climate change. To that end, for many years, we have actively supported a range of collaborations aimed at building communities that are more resilient to climate change. For example, Allstate helped form and lead ProtectingAmerica.org, a coalition of more than 300 nonprofit organizations, private companies, community groups, and government agencies at the local, state, and federal level that developed and proposed long-term solutions to better prepare communities and our nation so that they can recover from natural catastrophes. ProtectingAmerica.org was organized before Katrina and worked extensively after that deadly and devastating storm to educate the public and policymakers about the risks Americans face from natural catastrophes like recent wildfires, tornadoes, and hurricanes that are certain to strike again. The coalition developed and advocated for a public-private partnership model to better prepare and protect communities, strengthen the country s financial infrastructure to deal with major events, promote better loss prevention and mitigation through stronger building codes and sensible land use policies, and proposed programs to strengthen the ability 2 Intergovernmental Panel on Climate Change, Climate Change 2013: Physical Science Basis (Cambridge: Cambridge University Press),

6 of first responders to help communities recover from catastrophe. Because of the political climate in Washington and the unlikelihood that Congress will pass this legislation during the current session, ProtectingAmerica.org is not actively advocating for legislative action at this time. However, Allstate continues to support the comprehensive, integrated approach that was developed and proposed by ProtectingAmerica.org. Allstate is also a member and financial supporter of the Insurance Institute for Business & Home Safety (IBHS). The IBHS mission is to conduct objective, scientific research to identify and promote effective actions that strengthen homes, businesses, and communities against natural catastrophes and other causes of loss. Allstate partners with IBHS to promote more durable homes and commercial buildings by improving building practices and by strengthening building codes so our communities are more resilient against natural catastrophes. Allstate is also a member of BuildStrong, a coalition of national business and consumer organizations, companies, and emergency management officials dedicated to promoting stronger building codes. The BuildStrong Coalition urges enactment of The Safe Building Code Incentive Act. This legislation would encourage states to adopt model building codes to protect property and ultimately save lives from the devastation of natural disasters. Finally, Allstate engages consumers and customers on the topic of disaster preparedness through vehicles like the Allstate Blog and allstate.com (http://www.allstate.com/tools-andresources/be-aware-and-prepare.aspx), and the distribution of disaster preparation and awareness brochures to customers by Allstate s agency owners. 6

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